Int'l Business & Financial Services Push

Barbados will continue to place emphasis on the development and growth of the international business and financial services sector, the second largest contributor to Barbados’ economic success.

This commitment has come from Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, who recently addressed the LatAm Inward Mission Conference at the Hilton Barbados Resort, Needham’s Point, St. Michael.

“Our future as a successful jurisdiction demands consistency, creativity, innovation, responsiveness, flexibility and excellence in the service industry. Government, through my Ministry in particular, and along with key stakeholders, is working assiduously to implement new products, improve regulatory and compliance standards, as well as enhance the Barbados business environment.

“For example, Barbados is committed to signing the Multilateral Instrument (MIL) by the end of January 2018, which will introduce into our treaty network provisions to counter treaty abuse. We diligently are reviewing all our treaties, and will be “collaborating on equal footing” with partner countries, to make the necessary amendments to the legislation to ensure relevant international standards are met,” Mr. Inniss disclosed.

Pointing out that discussions would soon occur regarding commitments to the Organization for Economic Cooperation and Development and arrangements with the European Union, he said these would include meetings with stakeholders, including the Barbados International Business Association, the Institute of Chartered Accountants of Barbados and the Barbados Bar Association, to bring them fully up to speed on these commitments and further engage them on the specifics.

The Commerce Minister also told the international delegates it was his country’s intention to expand and upgrade, as required, its range of international business products, which currently spanned areas such as international insurance, wealth management, financial services, information communication technology, offshore schools, medical tourism, renewable energy and niche manufacturing.

“Barbados is also open to investigating new suites and technologies, such as Blockchain technology. And, we eagerly look forward to hearing from you and our partners in Latin American states as to what you think are the new … products that we ought to be developing in Barbados to meet the growing demands of your clients in that particular space,” he added.

Mr. Inniss also told the delegates that at the core of this bourgeoning sector stood the Caribbean’s most valuable resource – its people, and that they represented a cadre of highly skilled, English-speaking tax advisors, lawyers and executives from reputable international banks, global accounting firms and competent management companies offering the full range of corporate services.

As he concluded, Mr. Inniss expressed the hope that the LatAm Inward Mission would see the formation of new business relationships, an increase in investment flows between Barbados and the Latin American region, and enhanced economic prosperity.

“Barbados is ready. Barbados is open for business. We invite you to grow with us,” he told the visiting service providers.